I enjoy your articles on the dollars-and-cents aspects of buying antique furniture for use in a business.
It would be interesting if you could give an example of, say, buying an antique or a classic car versus a new car as a business-use vehicle. Let’s say a 1972 Pontiac GTO versus a 2019 Lexus GS.
Our answer considers:
The classic or antique car as a write-off;
How the old law often disallowed classic cars;
How the new law works to your benefit;
What the IRS thinks of this;
Why the term “recovery property” made this possible;
How you are shielded from the IRS attack; and
How the classic car shows you the money.
Classic or Antique Car as a Write-Off
To deduct the classic or antique car,
the car must be of a type that’s ... Log in to view full article.